India Agrees to Buy Oil and Aircraft from US in Major Trade Deal

According to the Economic Desk of Webangah News Agency, US President Donald Trump announced a trade deal with India on Monday that lowers US tariffs on Indian imports from 50% to 18%. In return, India will halt oil purchases from Russia and reduce trade barriers.

Trump stated that India has agreed to buy American goods at a significantly higher level, including $500 billion worth of energy, coal, technology products, agricultural goods, and other US exports.

An unnamed Indian official told Reuters that India’s commitment to purchasing American goods aims to reduce the US trade deficit with India. The deal covers sectors such as pharmaceuticals, telecommunications, defense, oil, and aircraft, with implementation spanning several years.

Commerce Department data shows India’s exports to the US from January to November increased by 15.88% year-on-year, reaching $85.5 billion, while imports stood at $46.08 billion.

The official added that India has also granted market access for certain agricultural products. The agreement is the first phase, with a more comprehensive deal expected to be negotiated in the coming months.

As part of the deal, India has reduced auto tariffs in response to Washington’s urgent request to address trade imbalances.